Living in interesting times
Bahrain
AI and aggregators dominate InsurTech scene
Enhanced insurance regulations in Bahrain
Growth in most lines except life insurance
Reinsurance in Bahrain
Oman
Life and property drive growth in Oman
Oman insurance regulation
Takaful is a growing force in Oman
Brokers should evolve
General
Yemen: Insurers hopeful of stability amid conflicts
Steering away from risks in the Red Sea
Life & health
Fraud and scams in health insurance
India needs digitally-empowered agents
SIRC Connect
Reinsurers offer Nat CAT capacity but it comes at a price
Long-term motor reinsurance capacity limited
Malaysia: Latest retakaful player focuses on life and health to compete
The state of Arab insurance markets today
MENA
Algeria: Insurance industry grows by 2.65% in 2023
Algeria: Natural disaster losses could rise to 0.7% of GDP on average
Egypt: Market sees tightening of reinsurance terms
Jordan: Proposed health insurance extension scheme for private-sector workers suspended
Kuwait: Fairfax becomes majority shareholder of GIG on completion of purchase of stake
Morocco: Bancassurance beats insurance broking channel in premium income for the first time
Morocco: Insurance market continues to demonstrate resilience
Saudi Arabia: Insurers target health coverage for 25m people by 2030
Saudi Arabia: Najm simplifies process of buying domestic worker insurance policies
Türkiye: Compulsory quake insurance coverage amounts and tariff rates to rise from February
Türkiye: Government to launch income protection insurance scheme for grain growers
UAE: Mental health insurance premiums increase by 10-15%
UAE: BMS completes acquisition of Berns Brett Masaood and rebrands to BMS Masaood
UAE: Insurance federation explains need for stricter risk management for paper and plastics factories
Global
Global: Reinsurance industry recovers from capital losses
Global: 1 Jan property reinsurance renewal sets stage for an interesting 2024
Global: Disinformation tops global risks 2024
Global: Record thunderstorm losses and deadly earthquakes in 2023
Canada: Insured losses from catastrophic events top $2.3bn in 2023
Takaful
Egypt: Committee to study applications for switch from takaful to conventional
Malaysia: InsurTech gets green light to establish takaful and retakaful operations
Malaysia: Zurich Malaysia and Senang.io teams with Bank Islam to introduce digital solutions
Morocco: Takaful operators show improved performance in 1H2023
US: Stress at work reaches alarming proportions
As flood risk rises, populations abandon areas
Climate change makes weather forecasting harder
Drivers find vital safety features annoying and switch them off
Climate change forces millions to flee their homes
Forests in Southeast Asia can weather climate change better if left undisturbed
Supply chain biggest challenge for cyber security
Ample capacity for cyber insurance
APAC sovereigns have limited capacity to adapt to flooding risks
MS Amlin launches financial lines cover in the Middle East
National Bank of Oman and Takaful Oman launch range of bancatakaful products
GIG Life Takaful and Al Baraka Bank launch bancassurance products in more than 25 branches across Egypt
GIG Gulf launches online motor insurance solution for micro-SMEs
People on the move
REINSURANCE - SIRC Connect
Buy Now
MARKET SPOTLIGHT - Oman
Between 2021 and 2022, the Oman insurance sector grew by 12.8%. According to experts, the industry is set for further growth in 2024.
INSURANCE - General
The hostile environment in the Red Sea has led to a widening of the high-risk zones, increasing war risk premiums and reinsurers backing out and introducing cancellation provisions.
Prior to 7 October 2023, it looked as if the path towards ‘peace in the Middle East’ might continue straight without any major deviations for some time to come.
The InsurTech industry in the Kingdom of Bahrain is growing rapidly, with AI technologies and aggregators taking centre stage. We spoke with Braxtone Group’s Mr Mohamed Radhi to find out more.
New rules and regulations have been introduced by the Central Bank of Bahrain, focusing on mandating health insurance for expatriates and citizens and making ESG reporting compulsory from 2024. We look at some of the regulator’s biggest...
The insurance industry in Bahrain has shown steady growth in 2023 driven by strong performance across most lines of business. It is expected that the mandatory health insurance scheme will benefit insurers further. However, life insurance struggles...
‘Steady as she goes’ seems to be the strategy adopted by Oman’s Capital Market Authority throughout the past year as the nation grapples with the ever-changing insurance landscape. We offer a round-up of significant regulatory...
Despite the late emergence of takaful in the Sultanate of Oman, the sector today represents an integral pillar of the insurance market and has been achieving notable progress over the past few years, especially in the family takaful segment.
The enormous potential in MENA attracts newcomers to open offices and offer their services. However, reinsurance brokers must evolve, improve their tools and assume a greater role in developing the industry, says LINK Insurance Brokers’ Mr...
Recent hijackings and attacks in the Red Sea threaten the chance of stability in Yemen. Despite political uncertainties, the country’s insurance sector is still expected to grow further in 2024.
Fraud and scams in health insurance not only lead to increased premiums for policyholders but also to loss of public trust in the industry. InsuranceMarket.ae’s Mr Avinash Babur tells Middle East Insurance Review how adoption of technology has...
In spite of the anxiety expressed at the SIRC last year about the possibility of turbulence during the January renewal period, it turned out to be a much smoother process when compared to the prior year, as the (re)insurance industry managed to...
Rising claims costs, weather-related losses and concerns over solutions for electric vehicles have contributed to limited long-term reinsurance motor capacity. Middle East Insurance Review spoke with Chedid Re’s Mr Elie Abi Rached and Howden...
A domestic reinsurer in Malaysia has launched a retakaful window to support local takaful operators in the country. Middle East Insurance Review spoke to Malaysia Life Reinsurance’s Mr Patrick Cheah about the reinsurer’s plans for the...
The insurance industry in the Arab world has great growth potential despite challenges and crises that hit some countries. In its 60th year, the General Arab Insurance Federation (GAIF) continues its mission in supporting growth in the Arab markets...
The Algerian insurance market is estimated to have posted turnover, including international acceptances, of around DZD168.4bn ($1.25bn) in 2023, an increase of 2.6% over 2022, indicated the National Insurance Council (CNA).
Disaster losses could average around 0.7% of Algeria’s GDP per year, nearly double the historical average, according to a new joint study from the World Bank and the National Delegation for Major Risks under the Algerian Ministry of the...
Reinsurers are unlikely to relax strict conditions in the January 2024 renewals, including risk retention rates for insurance companies and other stringent terms and conditions that they imposed in recent years, according to Misr Insurance Company...
Stress at work has reached epidemic proportions and showed little decline in 2023 according to a new survey by the American Psychological Association (APA).
New research has revealed the emergence of ‘climate abandonment areas’, which are locations that have lost population over the last two decades, from 2000 to 2020 due to climate change related flood risk.
Climate change is making it increasingly difficult for scientists to forecast extreme weather accurately in the short term. Climate change also implies that the world will have to learn to live through more unpredictable weather.
MS Amlin has launched financial lines cover in the Middle East, as it responds to an increase in M&A and IPO activity across the region.
The National Bank of Oman’s (NBO) Muzn Islamic Banking signed an agreement with Takaful Oman to launch a new range of bancatakaful products.
GIG Life Takaful, in collaboration with Al Baraka Bank, announced the provision of bancassurance products in more than 25 branches across Egypt.